Metaplanet FY2025 Results: Revenue Jumps as Bitcoin Loss Triggers $620M Net Deficit

Metaplanet’s FY2025 earnings report highlights a dramatic surge in revenue alongside a substantial net loss driven by Bitcoin valuation declines. The Japanese investment firm reported revenue of 8.9 billion yen ($58.12 million), up sharply from 1.06 billion yen ($6.92 million) in the previous year. Nearly 95% of total revenue came from its Bitcoin income business, launched in Q4 2024, which has quickly become the company’s primary growth engine.

Operating profit climbed to 6.28 billion yen ($41.01 million), reflecting a remarkable 1,694.5% year-over-year increase. The company also saw rapid expansion in its shareholder base, growing from 47,200 at the end of 2024 to approximately 216,500 by the close of 2025. Total assets surged from 30.3 billion yen ($197.89 million) to 505.3 billion yen ($3.30 billion), underscoring aggressive balance sheet growth tied to its Bitcoin strategy.

Despite strong operational metrics, Metaplanet posted a net loss of 95 billion yen ($620.17 million), reversing net income of 4.44 billion yen recorded in 2024. The loss was largely attributed to a non-cash Bitcoin valuation loss of 102.2 billion yen ($667.52 million) amid the broader crypto market downturn.

Metaplanet currently holds 35,102 BTC, up significantly from 1,762 BTC a year earlier, making it Japan’s largest corporate Bitcoin holder and the fourth-largest publicly listed corporate holder globally. However, with an average acquisition cost of $107,716 per BTC and Bitcoin trading near $68,821, the firm faces roughly $1.35 billion in unrealized losses. The company maintains that its liabilities and preferred stock remain fully covered, even if Bitcoin falls by 86%, supported by a 90.7% equity ratio.

Looking ahead, Metaplanet forecasts FY2026 revenue of 16 billion yen ($104.49 million) and operating profit of 11.4 billion yen ($74.45 million). Still, its stock price has fallen 28.63% year-to-date, reflecting how closely Metaplanet’s performance is tied to Bitcoin price volatility.